Concepts, Models and Schools of Strategic ManagementOne of the duties of a company's managers is to engage in strategic decision-making. Strategic management is a broad subject in itself that borrows from other social science disciplines. According to AllBusiness (2011), strategic management involves all activities undertaken by management to better position the company in the sector in which it operates. It is important for every manager to realize that their company does not exist alone in the business environment. Its environment includes actors such as competitors and customers, both internal and external; suppliers and government authorities that must be analyzed and processed appropriately. Defining the best strategy will involve assessing market needs and company capabilities, formulating its mission and vision, and communicating the set goals and objectives to employees. Once all this is done, managers must evaluate the tasks to be accomplished and allocate resources in a way that avoids waste. The goal of strategic management is to enable a company to take advantage of opportunities and act quickly in response to challenges encountered. its environment. This helps to respond effectively to market needs. Its role is to ensure that a business remains in business profitably. In fact, companies that continually operate at a loss are those that fail to develop a strategy (David, H. & Thomas and LW 2011). Strategic management is a combination of several intertwined concepts that help managers in decision making. These concepts are: SWOT analysis, PEST analysis, Porters Five Forces, value chain analysis, levels of strategy, competitive advantage and strategic planning (Quick MBA 2010). SWOT analysis includes...... middle of paper.... ..f strategic management. Accessed Monday, August 22, 2011. Retrieved from: http://www.hrfolks.com/Articles/Strategic%20HRM/Essentials%20of%20Strategic%20Management.pdfNetMBA. 2011. Strategic planning process. Accessed Tuesday August 23. Retrieved from: http://www.netmb.com/strategy/process/Nick, P. 2004. MBA Thesis: The Ten Schools of Mintzberg. Accessed Monday, August 22, 2011 Retrieved from: http://www.nickpelling.com/dissertation/chapter4.pdfQuickMBA. 2010. Strategic management. Accessed Monday August 22, 2011. Retrieved from: http://www.quickmba.com/strategy/Tutor2u. 2011. Competitive advantage. Accessed Tuesday August 23. Retrieved from http://tutor2u.net/business/strategy/competitive_advantage.htmlVadim, K. 2011. The three levels of strategic management. Seen on Tue. August 23. Retrieved from: http://www.1000ventures.com/business_guide/strategy_hierachical_levels.html